Outlook
The Great Recession had a negative impact on the real estate industry. Fewer people could afford to purchase homes and new cars, and the number of loan request declined, prompting a commensurate drop in employment for loan processors. In recent years, the economy has bounced back and requests for loans of all types have increased—but advances in technology, especially loan processing automation, have reduced demand for loan processors. As a result, employment for loan processors is expected to decline by 2 percent from 2023 through 2033, according to the U.S. Department of Labor. Those with advanced education, certification, and considerable experience will have the best job prospects.
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